| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26474 |
| 来源ID | Working Paper 26474 |
| Beveridgean Unemployment Gap | |
| Pascal Michaillat; Emmanuel Saez | |
| 发表日期 | 2019-11-18 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | This paper develops a sufficient-statistic formula for the unemployment gap-the difference between the actual unemployment rate and the efficient unemployment rate. While lowering unemployment puts more people into work, it forces firms to post more vacancies and to devote more resources to recruiting. This unemployment-vacancy tradeoff, governed by the Beveridge curve, determines the efficient unemployment rate. Accordingly, the unemployment gap can be measured from three sufficient statistics: elasticity of the Beveridge curve, social cost of unemployment, and cost of recruiting. Applying this formula to the United States, 1951-2019, we find that the efficient unemployment rate averages 4.3%, always remains between 3.0% and 5.4%, and has been stable between 3.8% and 4.6% since 1990. As a result, the unemployment gap is countercyclical, reaching 6 percentage points in slumps. The US labor market is therefore generally inefficient and especially inefficiently slack in slumps. In turn, the unemployment gap is a crucial statistic to design labor-market and macroeconomic policies. |
| 主题 | Macroeconomics ; Consumption and Investment ; Business Cycles ; Labor Economics ; Unemployment and Immigration |
| URL | https://www.nber.org/papers/w26474 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/584145 |
| 推荐引用方式 GB/T 7714 | Pascal Michaillat,Emmanuel Saez. Beveridgean Unemployment Gap. 2019. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w26474.pdf（680KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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